Mubadala announces US$2.96bn half-year profit

Abu Dhabi’s Mubadala Investment Company announced profits of US$2.96bn (AED10.9) for the first six months of this year.

The income was driven by strong public equities performance and its petroleum firms, including Spanish firm CEPSA, which just this week announced its intention to pursue a public offering.

Mubadala was merged with Abu Dhabi Investment Council in March this year, and group chief executive officer and managing director Khaldoon Khalifa Al Mubarak said this has helped to increase “the scale and breadth of our portfolio”.

Total assets, including consolidated ADIC holdings, were US$226.54bn (AED832bn) at the end of H1 2018, while total equity was US$158.74bn (AED583bn).

“In the first half of the year, we continued to deploy capital in new sectors and geographies, in line with our long-term strategy,” Mubarak said.

“We also monetised select assets at good valuations, to deliver financial returns.”

Mubadala’s chief financial officer, Carlos Obeid, said, “Leverage remains well-balanced across the portfolio and cash flow is solid.”

Source: Arabian Business

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